Rewards now live on retail crypto payments network Flexa

Back in May, Flexa launched its cryptocurrency mobile app and retail payment network...

Rewards on crypto payments network Flexa are now live

Flexa, a network for crypto payments consisting of popular merchants in the US and Canada, announced that the latest release of the Flexa Capacity dApp is now live on mainnet.

This update features support for Flexa network rewards and FXC withdrawals, and includes minor improvements to the dApp user interface.

Flexa Capacity is the smart contract that powers Flexa network collateralization. Flexa is designed to enable any cryptocurrency to be spent from any wallet. In order for this to happen, the network uses Flexacoin as collateral to guarantee that merchants will always receive payment for transactions processed in real-time

Flexacoin Distribution

As of today, anyone who supplies their Flexacoin to the Flexa Capacity dApp and allocates it toward an enabled wallet app (i.e., SPEDN) is eligible to earn their portion of the previously announced initial network reward distribution of 1 billion FXC, which is being returned at a rate of approximately 2,500,000 FXC per day on 15-minute intervals through the end of 2020.

This distribution is apportioned pro-rata across all allocated capacity at each interval, and is designed to recognize the efforts of the earliest Flexa supporters while supporting Flexa’s growth throughout its first full year of operation As of now, more than 15% of the circulating Flexacoin supply is already staked in the early days of the network.

Smart Contract Security

The crypto network also announced it has become a risk assessor for Nexus Mutual, a blockchain-based risk-sharing platform to insurance for smart contract failures. Now, anyone can take out coverage for the Flexa Capacity smart contract on Nexus Mutual.

“We believe that today’s release of Flexa Capacity represents the most full-featured implementation of instant cryptocurrency payments to date, and we can’t wait to share what’s next for Flexa in 2020. Taken together, the recent updates to the Capacity dApp and the addition of Nexus Mutual coverage make Flexa Capacity one of the easiest ways to support and help grow the ecosystem of decentralized finance.”
– The Flexa Team